FinTech and Blockchain development company Everex is deploying its solution, to providing workable financial services to the section of the population that has no access to banking or financial services, on the Ethereum blockchain . Working in partnership with banks, money-service businesses and currency exchangers, Everex aims to creating effective solutions to reduce overheads and compliance costs whilst making financial services more accessible to billions more people in the future.
Everex has identified the following priorities to address using their technology:
•Direct global remittances between developing countries;
•A peer-to-peer (P2P) online payments for e-commerce;
•Decentralized P2P exchanges for local currencies;
•0.27% transaction fees and settlement within seconds.
To smooth cross-border transactions and enable fast conversions and settlements, Everex has embraced a concept of ‘Cryptocash’. Cryptocash is a unit of existing local fiat currency, digitized on the Ethereum blockchain. Each Cryptocash unit has value and name assigned to it based on the currency it represents eg: US Dollar (USDEX), Thai baht (THBEX) or Indian rupee (INREX) etc.
All Cryptocash balances are provably underwritten by actual balances held in accounts with well capitalized and licensed financial institutions. Users convert funds to Cryptocash at their local bank branch or currency exchange kiosk and transfer them over blockchain, peer-to-peer, using wallets kept on mobile phones or desktop browsers .
For banks and money service businesses, Everex’s technology allows them to create new products to service new customers without needing to take the time or money to open new accounts for them. For users, it offers lower global transaction costs, time delays and improves accessibility and security of funds. Everex sees business opportunities for banks and other financial partners in the issuing, underwriting and trading sides. Everex does not interact with any exchange between fiat and crypto currencies. Everex charges 0.27% fees for transactions between wallets — transactions for financial partners are free.
Everex wallet services are currently available to Thailand-based customers, with services to be expanded across the region and world once the system has been tested and any required adjustments have been made.